Gold Price Forecast – Gold Continues to Bounce Around a Range

Gold Markets Technical Analysis

The gold market was all over the place in the early hours of Wednesday as we continue to see a lot of noise in general. I do think that gold will continue to be a place that is very range bound and in fact, I think despite the fact that the CPI numbers came out at 0.2 month over month instead of 0.3 as expected, we probably have a situation where quite frankly, the gold market probably hasn’t seen enough to make a decision. I think we need to go sideways for a while, but that makes sense when you look at how the market behaved in 2024.

We started out at 2,070 or so and ended up at one point reaching 2,790. So, it was a pretty positive year. So, to work off some of the excess froth makes sense. I still think this is probably more or less going to be a buy on the dips type of scenario. So therefore, I’m a little hesitant to get short. I do think you have a situation where you’re looking for value. The 50-day EMA could be support and the $2,600 level almost certainly will be, assuming we go that low. If we were to break above $2,720, then I think that’s the breakout signal. Until we get above there, though, I think gold’s fairly neutral with an underlying positive bias.

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